Greece is one of only three European countries with surplus production of petroleum products and especially those that are in shortage pan-European wide, (such as diesel and aviation fuels). At the same time, the refineries of the HELLENiQ ENERGY group have secured their crude oil supply at least until early July, have reserves exceeding the minimum safety levels of 90 days and full adequacy in aviation fuels which, apart from air force needs, can cover increased demand ahead of the tourism season. These are reported by HELLENiQ ENERGY sources on the occasion of the first quarter results announcement, during which strong growth was achieved. “We don’t import petroleum products. We produce them and we are surplus. Greece is among the last European countries at risk of running out of final products, if conditions in the international market become difficult”, they characteristically state.
What HELLENiQ ENERGY sources say about the Middle East crisis
Specifically, regarding the Persian Gulf crisis and its impact on supply, it is noted among other things that:
– Greece has surplus gasoline, diesel, aviation fuels, kerosene and is the largest exporter in Europe relative to the size of its market. It has supply adequacy and is more protected in case of prolongation of the unprecedented Gulf crisis.
– Greek refineries supply other countries, both neighboring and EU ones, with gasoline, diesel for transportation, heating, aviation and marine fuels.
–HELLENiQ ENERGY supplies 60% of the Greek market, while more than 50% of production (about 8 million tons) is exported. With the onset of hostilities in the Middle East, it replaced all crude supply quantities from the Persian Gulf and contributed to the energy security of the broader region, as one of the largest producers with significant exports. Furthermore, the recent reopening of the Thessaloniki-Skopje fuel pipeline helped strengthen energy security not only for North Macedonia, but also neighboring Balkan markets.
Comparable operating profits reached 293 million euros (63%) and comparable net profits 140 million euros (from 55 million euros last year) while even greater is the increase for the published first quarter results that include the impact from external factors such as crude price rises. Specifically, published net profits for the first quarter of 2026 reached 284 million euros (first quarter 2025: 11 million euros), mainly due to the increase in international crude oil prices and the corresponding gain in inventory valuation.
HELLENiQ ENERGY Holdings CEO: Group refineries have secured crude oil supply for the entire second quarter
Commenting on the results, HELLENiQ ENERGY Holdings CEO Andreas Siamisiis noted: “Since late February, the international energy market faced a new, serious Middle East crisis, which affected global supply of crude, petroleum products and natural gas, driving uncertainty and prices to particularly high levels. This development came in addition to the already burdened situation that had formed in Eastern Europe due to previous sanctions, creating additional pressures on supply chains. In this environment, our priority was clear: to ensure smooth and uninterrupted fuel supply to markets in countries where we operate. Thanks to HELLENiQ ENERGY’s production capacity and flexibility, the supply and distribution networks we have, our strong export orientation, and the decisive contribution of all our people, we managed to respond effectively and achieve our goal. An additional challenge was the temporary production reduction due to the scheduled general shutdown at the Aspropyrgos Refinery, which was completed successfully and safely within the planned timeline. The refinery is now in full operation in the second quarter, with significant expected benefits in terms of unit availability, energy efficiency and overall operational performance. Group refineries have secured their crude oil supply for the entire second quarter, have reserves exceeding the minimum safety levels of 90 days and adapt their operation daily, to maximize production of middle distillates (diesel and aviation fuels), which are in shortage pan-European wide.
Beyond covering Greek market needs, HELLENiQ ENERGY substantially contributes to the region’s energy security, as one of the largest producers in the Eastern Mediterranean, with total exports exceeding 8 million tons annually. In this context, the reopening of the Thessaloniki – Skopje fuel pipeline is particularly important, which allows us to best serve neighboring Balkan markets.
The rest of the year is expected to be equally demanding, both in terms of supply security and managing economic impacts. Our goal is to continue improving financial results through development investments and good operations, something we have achieved in recent years. At a strategic level, we are adapting the next development cycle based also on recent data. Without overlooking the seriousness of the crisis, we believe that Greek companies, both due to structure and due to years of experience in crisis management, are better prepared to handle such situations”.
